In a noteworthy financial achievement, the Finance Ministry revealed that GST (Goods and Services Tax) collections for October 2023 soared to an impressive ₹1.72 lakh crore, marking the second-highest collection in the history of the tax system.
Remarkable Growth in GST Collections
The data provided by the Finance Ministry indicates a significant 13 percent increase compared to the ₹1.52 lakh crore collected in October 2022. This substantial growth in GST collections underscores the country’s economic resilience and improved financial compliance.
The ministry further disclosed that the GST revenue collection for October 2023 stands as the second-highest ever recorded, trailing only the remarkable achievement in April 2023, when collections reached ₹1.87 lakh crore. This feat in April marked the highest-ever revenue generated through GST.
Consistent Growth in FY 2023-24
Beyond this notable monthly achievement, the Finance Ministry also highlighted the sustained growth in GST collections over the fiscal year. The average gross monthly GST collection for the fiscal year 2023-24 has now reached ₹1.66 lakh crore, indicating an impressive 11 percent increase compared to the previous year.
These financial developments serve as a testament to the country’s robust economic performance and the effectiveness of the GST system in enhancing revenue collection. This surge in GST collections signifies a positive trend in India’s fiscal health, contributing to the nation’s ongoing economic growth.
